An effort to form a Vietnamese-American bank in Houston has hit a setback after organizers terminated a deal to buy an existing bank. Organizers of the proposed USV Bancorp agreed in 2024 to buy City National Bank of San Saba. The group disclosed that the agreement was terminated on Jan. 20. The group planned to operate as a minority depository institution.

Erebor Bank, a digital bank, has received its national bank charter from the Office of the Comptroller of the Currency less than two months after receiving conditional approval for deposit insurance. Comptoller Jonathan Gould confirmed the approval via X. "This is an exciting day for the banking system and reflects the OCC’s commitment to a dynamic and diverse financial system that remains innovative and relevant over time," he wrote. Erebor

Activist investor HoldCo Asset Management has decided to support KeyCorp CEO Gorman and will not pursue a proxy contest after the Cleveland company fully embraced a "no depository acquisitions" policy. The activist investor also noted in a slide presentation that it will not pursue a similar challenge against Eastern Bankshares in Boston. HoldCo had been pushing for changes at both companies. Key has recently vowed to ramp up share repurchases

Tether Investments in El Salvador has invested $100 million into Anchorage Digital. The digital asset platform, which operates as Anchorage Digital Bank, offers staking, custody, governance, settlement and stablecoin issuance to institutions and innovators. "Tether exists to challenge the status quo and build global infrastructure for freedom,” CEO Paolo Ardoino said in a press release. The investment "reflects a shared belief in the importance of secure, transparent and resilient financial

A group in Owensboro, Ky., has received conditional approval from the Federal Deposit Insurance Corp. to form a bank. The organizers of the proposed Cornerstone Community Bank need to raise $20 million of initial capital before opening the bank. The application was submitted in August. Kyle Aud, a former market president at German American Bank, would serve as CEO. Jonathan Lawson, a former chairman and president of Bank of Ohio

St. Lawrence Federal Credit Union in Ogdensburg, N.Y., has filed the applications to buy two branches from Citizens National Bank of Hammond in New York. The credit union, which agreed to buy the locations in mid-November, applied with the Federal Deposit Insurance Corp. on Feb. 4. Amber Taylor, the credit union's president and CEO, said when the deal was announced that the proposed acquisition is "part of our continued mission

Milestone Bank in Salt Lake City has launched an asset-based lending division. The $385 million-asset bank, which has focused on equipment finance, said the new division will provide revolving working-capital lines of credit secured primarily by accounts receivable and inventory. The expanded offerings will focus on manufacturers, dealers and other business-to-business operators. Milestone hired Daniel Godfrey to lead the division. Godfrey has 23 years of experience in ABL, including 18

EnFi, a fintech that partners with banks and credit unions to deploy targeted AI agents to complete commercial lending tasks, has raised $15 million in its Series A funding round. The fintech said in a press release that FINTOP led the round, with participation from Patriot Financial Partners, Commerce Ventures, Unusual Ventures and Boston Seed Capital. John Philpott, a FINTOP partner, will join EnFi's board.